Fashion retail sales rebound as shoppers invest in post-lockdown outfits April 9, 2021 Fashion retail sales soared last month as the sector, which has struggled during the coronavirus pandemic, was buoyed by shoppers investing in post-lockdown outfits. Total like-for-like fashion sales jumped 57.5 per cent in March – from a base of minus 25.9 per cent in the same month last year. This marks the first positive result [...]
National Grid pays watchdog £1.5m after inaccurate electricity forecasts April 8, 2021 National Grid Electricity System Operator (ESO) will pay Ofgem £1.5m after failing to provide accurate electricity demand forecasts back in 2017. One of the key roles of the firm, which is responsible for the transmission of electricity across the UK’s networks, is to provide suppliers with seven day forecasts for power demand. However back in [...]
Next pulls out of plans to buy Topshop-owner Arcadia January 21, 2021 Next has backed out of plans to buy Sir Philip Green’s collapsed retail empire Arcadia Group, potentially putting up to 13,000 jobs at risk. In a statement, the high street chain said it had withdrawn from plans to buy the Topshop owner because it was “unable to meet the price expectations of the vendor”. “Next [...]
Boohoo buys Debenhams brand and website for £55m – but stores set to close January 25, 2021 Online retail giant Boohoo has announced it will buy Debenhams’ brand and website for £55m, but will not rescue the high street chain’s stores or jobs. The deal – announced this morning – means Debenhams’ remaining 118 department stores will close down and could result in up to 12,000 job losses. Boohoo said the acquisition [...]
ASOS and Bonmarche in share price collapse March 25, 2019 By Graeme Evans from interactive investor. Investors in these two high-profile retailers ran for the hills following the latest trading updates. While ASOS (LSE:ASC) and Bonmarche (LSE:BON) operate in two very different retail worlds, the pair have plenty in common from an investor viewpoint after their December profit warnings were followed by more disappointment last [...]
Online sales tax would ‘kneecap’ small retailers, startups warn March 2, 2021 The introduction of a new online sales tax would “kneecap” retailers and have a disproportionate impact on smaller businesses, UK startups have warned. In his Budget tomorrow, chancellor Rishi Sunak is expected to launch a consultation on new levies targeting online retailers such as Amazon and Asos that have seen their profits soar during the [...]
TSB reports losses as pandemic prompts lending surge February 1, 2021 TSB’s full-year financial performance was dented by the coronavirus pandemic as lending rose sharply, the bank announced today. Statutory loss before tax was £204.6m in 2020, compared to a £46m profit in 2019. The losses largely reflects the adoption of government measures in response to Covid-19, as well as unemployment rates and reduced customer spending. [...]
JD Sports eyes EU warehouse as boss warns Brexit ‘worse than feared’ February 9, 2021 JD Sports is set to open an EU-based distribution centre to cope with increased Brexit red tape and tariffs. The decision could see up to 1,000 jobs moved to the continent amid concerns over delays in shipping goods and red tape just a month after post-Brexit trade rules came into effect. Chairman Peter Cowgill told [...]
Labour calls for UK tax cut extensions before 3 March Budget February 7, 2021 Labour is calling for an extension to tax cuts for some of the UK sectors worst affected by the Covid pandemic. Shadow chancellor Anneliese Dodds today urged Rishi Sunak to extend the current VAT cut, from 20 per cent to five per cent, for retail and hospitality for another six months past March or or [...]
Arcadia collapse leaves bigger than expected £510m pension deficit February 19, 2021 The collapse of high street empire Arcadia has left a £510m pension deficit, some £200m more than previous estimates. Arcadia collapsed in December, becoming the largest casualty of the coronavirus pandemic and leaving thousands jobless. The news of a bigger-than-expected pension deficit, first reported by the Retail Gazette, paints a starker picture for individuals affected [...]